Possibility of rate increase sinks stocks

Crude oil prices surged but the markets closed lower with the Dow plunging 114 points to 16,528 over concerns that interest rates may increase. Nasdaq plummeted 51 points to 4,776.

On the upside

Shares of Harvard Apparatus Regenerative Technology (Nasdaq: HART) extended its gains.
 
Penn Virginia (NYSE: PVA) closed the sale of its East Texas assets.

Shares of Midstate Petroleum (NYSE: MPO) climbed as crude oil price soared.

On the downside

Citron Research wrote that Wayfair (NYSE: W) deceived shareholders about its profitability.
 
Profit taking continued to weigh down shares of Forward Industries (Nasdaq: FORD).

Market Realist wrote that the second quarter growth rate of Novavax (Nasdaq: NVAX) was higher than its competitors but the stock price fell.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 4 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The broader S&P 500 tumbled 16 points to 1,972. Bitcoin rose $3 to $229.

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